Stellar Pharmaceuticals Inc.
OTC Bulletin Board : SLXCF

Stellar Pharmaceuticals Inc.

July 15, 2005 08:01 ET

Stellar Pharmaceuticals Inc. Names Patrick Scrivens as Advisor

LONDON, ONTARIO--(CCNMatthews - July 15, 2005) - Stellar Pharmaceuticals Inc. ("Stellar") (TSX VENTURE:SLX)(OTCBB:SLXCF), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today announced that Patrick ("Pat") Scrivens has been named as an advisor to the Company and its Board of Directors.

Mr. Scrivens has more than 25 years of executive financial and operational management experience, including serving as a CFO and CEO of various U.S. and internationally based industries. He is the founder, Chairman and CEO of Advisory Associates ("AAI") of McLean, VA, a merchant banking firm that provides financial management and strategic business advisory services to public and private companies across various industries.

Prior to co-founding AAI, Mr. Scrivens was an officer, director and owner of companies that developed and marketed integrated B2B commerce and publishing solutions to affinity groups, major pharmaceutical companies and healthcare providers. He also served as CFO of Fuisz Technologies Ltd., a publicly traded multinational technology and manufacturing pharmaceutical corporation, from 1994 until its 1999 acquisition. While at Fuisz, Mr. Scrivens was responsible for raising more than $250 million in private and public equity and debt financings, and structuring, through mergers and acquisitions, an internationally based organization that manufactured, licensed and marketed products in the U.S., Ireland, France, Germany and Italy.

Mr. Scrivens, a CPA, also has several years of public accounting experience at both the Central Intelligence Agency and KPMG Peat Marwick.

Peter Riehl, President and Chief Executive Officer of Stellar, commented, "Pat Scrivens is a highly regarded pharmaceutical executive, and we are very pleased that he has agreed to advise Stellar at this important point in our corporate development. His work as a senior corporate executive and consultant has exposed him to, and allowed him to author, some of the industry's best practices. We look forward to his guidance and counsel as we continue to broaden our global sales footprint, and progress towards commencing U.S. Phase III FDA clinical trials for NeoVisc® in 2005 and for Uracyst® thereafter."

Mr. Scrivens stated, "I look forward to supporting Stellar's management team, and helping the Company achieve its ambitious growth objectives."

About Stellar Pharmaceuticals Inc.

Stellar has developed and is marketing direct in Canada and in countries around the world through out-license agreements three products based on its core polysaccharide technology: NeoVisc®, for the treatment of osteoarthritis; and Uracyst® and the Uracyst® Test Kit, its patented technology for the diagnosis and treatment of interstitial cystitis (IC), an inflammatory disease of the urinary bladder wall. Stellar also has in-licensing agreements for Skelite™ a proprietary synthetic bone-grafting product and NMP22® BladderChek®, a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer which are expected to positively impact sales in 2005.

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations, to attract and retain qualified professionals, technological obsolescence; general economic conditions; and other risks detailed time to time in the Company's filings.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Stellar Pharmaceuticals Inc.
    Peter Riehl
    President & CEO
    (800) 639-0643 or (519) 434-1540
    Stellar Pharmaceuticals Inc.
    Arnold Tenney
    Cell (416) 587-3200
    The Equity Group Inc.
    Devin Sullivan
    (212) 836-9608
    The Equity Group Inc.
    Adam Prior
    (212) 836-9606